I know what you’re thinking: if rates are rising and pending sales have fallen, what the heck is the good news, right?  well, there’s a few early indicators here that might just be good news for struggling sellers! 

Sales Volume

    First off, Sales are up.  Not by much, but we are seeing a few more sales each month, and that number is slowly (VERY SLOWLY) rising, but it’s going up none the less, which is a start.

Inventory

    Second, the number of available home has stopped rising over the last 3 months.  It’s even (Dare I say it?) Dropping.  This is important because it shows that the skyrocketing supply of available homes has started to drop.  Remember real estate is all about supply and demand, and right now we need to see that supply drop!

Prices

    Prices and Values are a bit of mixed nuts right now.  The average sold price rose to $330k, while the median fell to $300k.  Oddities like this are to be expected while drastic market shifts are happening.  The long and short of it is that homes under $300k are moving the most, but the stagnation we’ve seen in the $400k+ range is finally starting to move a bit.  This means the average sales price trends higher even though cheaper homes are selling faster.

Time On Market

    Also, note the the average time on market (DOM) jumped above 140.  When you look at this in relation to the volume of available properties, it tells us that fewer and fewer people are putting their homes up for sale, and that more people may be willing to wait the market out.

Summary

    I’m not ready to start shouting that the market has recovered; we’ve still got a long road ahead of us.  It’s signs like this that may indicate slowly improving conditions, if this is just a blip, we’ll see numbers fall along with the interest rate hikes and coming fall sales market.  Stay tuned!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
301-653-8116
301-609-9000
http://www.teambenya.com

    I attended the meeting to view first hand what Governor Martin O’Malley had to say about the project, and to voice my support for the project.  I was impressed at the supporter turnout for the project.  Over 2 dozen people were there to support the development, and although 3 people showed up to protest the development, only two of them decided to speak out against Brookfield Homes and US Steel’s proposal.

    The Governor actually opposed the plan, but even without his vote the project gained the necessary approval needed to move forward!  This means that the Swan Point Development Corporation is looking to break ground on the Westin Swan Point hotel by early 2009, and should be slated to open in 2011.

    The meeting itself was fascinating.  Wayne Cooper, Mac Middleton, Sam Graves, and Murray Levy all spoke in support of the project and it’s benefit to Southern Maryland, and one of the developers reps mentioned that there was projected to be a 10% overall improvement in water quality in the area due to the new development.

    I’ve been very impressed with both Brookfield Homes and US Steel on this development.  They seem to understand the sensitive nature of developing a project like this on the Chesapeake Bay, and they’ve been very flexible in changing plans and proposals in order to comply with concerns of residents and government officials. 

    It really speaks volumes towards their character when they willing change and reduce their own development in order to satisfy everyone involved.  Make no mistake, the goal is to develop a waterfront resort destination here, but that doesn’t mean the developer can get everything they want, either.  It’s a relief to see a developer that is willing to be flexible with the community.

Link to Maryland Independent Article on Board of Works Approval
Link to Other Development Posts

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com

What’s Happened:

    For the first time in 7 months, home sales in Charles County, MD have actually seen some growth!  Earlier this year we were looking at home sales in the range of 50-60 units per month, and now that number is closer to 100!

    Pending Settlements, the number of homes currently under contract, have gone up as well, so there is a bit of bright news in the market this month.  We’ve also seen the number of homes available on the market level off as well, so now we’ll have to wait and see if the trend continues.

    Between February and March we have also seen that the average price of a home in Charles County (roughly $312,000) didn’t fall, the average number of days on market (158 days) has leveled off as well, due partially to the increased amount of home buyers we have seen in the last month.

What Does This Mean?

    It’s great that we’re seeing potentially positive changes happening in the market.  It’s a little premature to say that we’re going to see prices rise again in the near future, but at least we are not seeing the values continue to fall. 

    Foreclosures
are having a big impact on the market right now, and they make up a
significant portion of sales, and unfortunately those
properties are what traditional sellers are forced to compete with.  The good news to it is that the amount of transactions taking place each month is growing!

     Home owners who are trying to sell should be seeing increased traffic through their homes, provided they are priced right and marketed well.  I’ve noticed an increased amount of traffic through my listed homes right now, and it’s a big relief to my clients to see that the market might be trying to stabilize.

    For buyers, sitting on the fence has been forcing down
prices, and we’re starting to see some good deals emerge, which in turn has caused the local market to drop price-wise, and it seems that prices are stable, and we’re starting to see more buyers take advantage of both the lower prices and the preferable interest rates that are available.

    If you would like more information about the Charles
County Market, Foreclosures, Listings, or New Construction
Developments, please ask!  I have a wealth of local information and
resources and I’m always willing to assist people in navigating this
tricky market!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com

Do Foreclosures Affect My Home’s Value?

    In Charles County in the last 60 days, there have been 12 foreclosures that have been sold, and a total of 135 (resale AND REO) homes listed and sold.  This means that foreclosures make up almost 9% of the total market in terms of sales.

    A lot of homeowners have been wondering how much of a bearing foreclosures have on their own homes value, and it really needs to be evaluated on a home by home basis.  Here is what people need to bear in mind:

• There are 1,487 homes for sale in Charles County today (02/29/2008).

• There are 86 Foreclosed Homes on the market today (a record high in volume, and 5.7% of total market volume).

    If 5.7% of the market’s volume is generating 9% of the total sales, it is obvious that there is a disparity.  Foreclosures are more *likely* to sell.  Why is that?

    Well, there are numerous factors involved here, but it seems apparent that the incentives to buy a foreclosure (namely, the price) outweigh the risks and problems (difficulty communicating with the banks, poor condition, etc.). 

    There’s another way to look at the puzzle as well.  In the last 60 days, 16.5% of the total volume of foreclosures in Charles County have sold.  Only 9.1% of the total homes on the market sold in the same time period (60 days).

    If you’re suffering from difficulty selling your homes because of foreclosures in your neighborhood, it’s important to make sure that your homes best features are being showcased!  Standard resale (i.e., not a foreclosure, short-sale, etc.) has some serious advantages! 

     The biggest things to consider are the differences between your homes and foreclosures when it comes to condition, ability to close quickly, and the ease of contract approval!

What’s The Market Really Like?

For Sellers
     Right now there’s a 12 month overstock on Foreclosures in Charles County, and a 21 month overstock on listings in general!  It’s an intimidating figure for anyone considering trying to sell, and the argument is a "lose now, or lose later" situation for some people, so trying to sell a home in this market is not a decision that should be taken lightly.

For Buyers
    The potential to find a property that is right for you; at the right price is huge!  The difficulty is in easily identifying the best deals.  Because there are so many properties available for sale, you need to be careful to ensure that you’re seeing the best possible deals out there.  This is why working with an experienced qualified Realtor is so important!

Related Links:

Current (3/1/2008) List of Foreclosures in Charles County (PDF Format)

Current (3/1/2008) List of Foreclosures in St. Mary’s County (PDF Format)

Current (3/1/2008) List of Foreclosures in Calvert County (PDF Format)

If you have any questions about the current Foreclosure Market in Southern Maryland, feel free to ask!  If you’d like to try and find a deal by searching for a foreclosure, I’d be more than happy to set up an automatic search for you so that you can find out about the best deals as soon as they hit the market!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Waldorf and Southern Maryland Real Estate
www.teambenya.com

I had to think about this for a bit because I think everyone would love to be able to punch in a search term such as this to find fantastic real estate deals!  Unfortunately it’s easier said than done.  If you were able to find bargain priced homes simply by using an automated, free, public search tool such as yahoo! or google, wouldn’t we all be able to get rich and retire young?

Not that I’m against retiring rich and young, persay!  I think this sort of search term highlights the importance of working with a savvy, competent real estate agent!  Do I know of undervalued properties on the market?  Of course I do.  Am I going to start blogging about them?  Probably not. 

I have clients who are looking for the "deal" on the next property they buy.  Why would I risk my clients chances of getting the contract in first on a great investment opportunity by broadcasting it to the entire world?

If you’re looking for a great investment property or even a primary residence that you could pick up cheap,  I happen to be great at finding them!  Give me a call or drop me an email and I’ll be more than happy to make sure that you’re the first to know when a great investment property pops up on the market! 

As a side note, if you found this website because you were using similar search terms; I highly suggest you get a Realtor to help you identify the best undervalued homes on the market right now.  I happen to know a few in my team that are great at finding those golden opportunities!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
j.benya@c21nm.com
Waldorf and Southern Maryland Real Estate
Southern Maryland Real Estate Blog

    Let me be the first to offer you my sincere condolences; it’s a
tough market, and there’s many people like yourself who are angry about
the fact that they can’t sell their home.

    It’s easy to blame your Realtor, after all, didn’t they tell you
that they could get the job done?  People count on my knowledge and
advice to get their house sold, and if that doesn’t happen, then
there’s a problem.  Did your Realtor tell you to list it too high?  Did
they tell you that you were asking too much?  If you feel that the
price was right, and it still didn’t sell, then maybe there’s other
factors involved, so consider looking at all the angles before getting to frustrated.

    It’s a fact that 10% of all local agents do 80% of the local
sales.  Is your agent in the top 20%?  They should be!  There’s no
great mystery to being able to get deals done in a slow market, but
there are a few factors that you should consider.

    Sales Are Down, And Inventory Is Up- We
are seeing historically high levels of available homes for sale.  This
is great news for buyers, but for sellers it becomes vital to use an agent with the track record to get your home  sold!

    Internet Marketing is King- Agents that aren’t tech savvy just can’t compete in today’s marketplace.  That’s why Team Benya is a combination of mature experience that knows how to negotiate the toughest deals and technologically hip experts that understand how to market properties in the internet age!

    Internet Marketing Means A Lot More Than Realtor.Com- Is
your agent spending the money to get your home marketed to more than
just one website?  Understanding how to syndicate listings to dozens of
different websites means your home gets more exposure than your
competition down the street!  Team Benya are experts at doing this for
all the Waldorf and Southern Maryland Real Estate that they market!

    You Deserve to Know What Your Agent Is Doing For You- Did
your agent "list it and forget it"?  You don’t have to stand for that!
There is simply no excuse for a homeowner to be left out of the loop!
We work hard to ensure our clients always know what is going on in the
marketing and sale of their home, good or bad!  Selling real estate in
Southern Maryland with Team Benya means you’ll always be kept in the
loop!

    Not All Agents Are Equal- We
all have our own style and method to getting homes sold, and some
agents are better at getting homes sold.  There’s far too many agents
that got their license thinking this was an "Easy Money" job.  Do you really want to risk trying to sell your home with an agent that has no experience in this type of market?

Really, the question is why are you even considering using anyone else to sell your home??  Lets look at the facts:

• We have over a decade of experience
• Marsha has proven to be a consistent top producer, constantly exceeding client expectations!
• Using a Team allows more time and resources to be dedicated to your needs than a single agent can provide
• Our knowledge and experience includes Short Sales, Foreclosures, 1031 Exchange, Land, and more!
• We’ve studied how to help you gain an edge in getting your house seen and sold by prospective buyers
• Your home will be seen on dozens of home listing websites and
  databases with multiple photos, virtual tour, internet advertisements,
  and blog resources available to get your home sold!
• Old School Sales Experience and New School Technology provide YOU with the best opportunity to get your home sold fast!

Don’t make the same mistake twice, call us today and see how we can turn that For Sale sign into SOLD!  We work throughout the Southern Maryland region, specializing in Waldorf MD, La Plata MD, Indian Head MD, White Plains MD, Mechanicsville MD, and the rest of Charles County, St. Mary’s County, Calvert County, and Prince George’s County!

~Jonathan Benya
Century 21 New Millennium
9405-A Chesapeake St.
La Plata, MD 20646
(o) 301-609-9000
(c) 301-653-8116

Website

Blogsite

Related Article:

What Your Realtor Is Afraid To Tell You

Just one more way that Team Benya is working to make your home search even easier!

~Jonathan Benya
Century 21 New Millennium
Website
Blogsite Home

    Let me first apologize if you are trying to sell yourself and have gotten comments like this from an unfriendly Realtor.  You’ll find I won’t make such childish taunts, Promise!

    There are a ton of options if you are looking to try and save money by trying to list yourself, and I’m going to share a few of my options and techniques I use as a Realtor that you might be able to use yourself.  If you do find any of this helpful, let me know!

• Online Marketing is where I see my greatest ROI of my marketing dollars- Consider this: 80%+ of all buyers start their search online.  Aside from using websites like FSBO.com, ForSaleByOwner.com, or other such sites, consider posting your home on: Craigslist.com (yes, cragislist, it does work for selling homes, too!),  zillow.com, trulia.com , the City-Data.com forum, and iggyshouse.com.  They’re free to post, and at a price like that, it can’t hurt to increase your market exposure.
• Ask a Realtor to give you a CMA on your property- I’m always willing to provide a CMA for a homeowner, even if they intend to list their home themselves.  Websites like Zillow.com will give a *zestimate* for free, but I have yet to find their figures very accurate.  It can’t hurt to at least get a professional opinion. Email to Request a CMA
• Make Postcards to Send the Neighborhood-  Postcards are cheap to send, and it allows people to share the information with friends or relatives that may be looking to move to the neighborhood.
• Make Flyers Available in an Information Box-  Flyers are a great informational tool for people driviing by, just be prepared to refill the box often!
• Send your Flyer to Real Estate Brokerages-  If you’re willing to pay a buyers agent, let agents know!  Make sure you send enough that EACH AGENT can get their own copy, rather than one per office!
• Ask a Realtor if they’d be willing to post your listing on their website-  I always post FSBO home listings on my website/blogsite FREE OF CHARGE if someone asks.  It’s minimal cost to me, and I’m always willing to spread a little good will.

If you have any questions, don’t be afraid to call!  I don’t bite, and I don’t charge fees for advice (I heard that talk can be cheap, anyways)!  I do have a full package of HOW-TO for people that want to FSBO.  Give me a call or email me and I’d be more than happy to send it out to you.  All I ask is that IF you can’t sell your home yourself, consider giving me a call to see how I can assist you!

~Jonathan Benya

Century 21 New Millennium
Team Benya

j.benya@c21nm.com
cell- 301-653-8116

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